Shipping faces the heat due to US, China port fees

The global shipping industry is scrambling to manage the fallout from Beijing’s retaliatory port fee, which comes amid a resurgence in trade tensions between the world’s two biggest economies. Oil tankers and container ships will be among the hardest hit should China’s port fees targeting US vessels take effect, according to Jefferies LLC. Nearly 16% of tankers that carry refined products and 13% of those that transport crude oil could be charged hefty fees under Beijing’s latest plan. These are enough to create sizable disruption, especially given the magnitude of the fees, said analysts. The US port fee, first announced in April, is aimed at shaking loose China’s hold on maritime trade and shipbuilding, and is part of President Donald Trump’s aggressive push to skew global commerce to the advantage of the US,  as per a report.

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